Opportunity Costs Reading Packet – Economics Unit
- Grades
- Grades 2–3
- Pages
- 7
- File type
- Answer key
- Included
- Subject
- Social Studies, Economics, Reading
- Topic
- Opportunity cost, Saving and spending
- Answer key
- Included
- Standards
- RI.2.1
Product description
From the author
This resource is an Opportunity Costs Reading Packet.
This is a great no prep resource that all you have to do is print and go!
Students will love learning economics as they read an informative passage and apply vocabulary terms.
Worksheets included such as multiple-choice questions and graphic organizers will allow them to show what they know.
These work well for social studies or reading instruction.
Answer keys included.
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In the classroom
Teaching tips & learning objectives
Learning objectives
Define opportunity cost as the value of what is given up when choosing one option over another
Identify the opportunity cost in a real-life spending or saving scenario
Apply the concept of opportunity cost to a decision involving a specific dollar amount
Teaching tips
Read the passage before comparing the two video-game choices.
Ask students to explain what is given up in each pictured scenario.
Correct multiple-choice question 3 to C: choosing not to buy the shirt and saving the money. The supplied key marks D, which says to buy without considering saving. Opportunity cost means the value of the next-best alternative forgone.
Skills covered
Identifying the forgone alternative
Reading spending-and-saving scenarios
Explaining a choice and its opportunity cost
Good to know
Questions teachers ask about this resource
How does the packet apply opportunity cost?
It moves from a short reading to a video-game-versus-saving organizer, five everyday scenarios and five multiple-choice questions. Some examples repeat the reading’s shirt-and-shoes comparison.
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Curriculum
Standards, concepts & topics
Standards
Standards
- RI.2.1
Core concepts
Core concepts
Opportunity cost
Economics
Decision-making
Saving and spending
Topics
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